The Short-Run Supply Curve for a Competitive Industry Is Upward-Sloping

question 97

Multiple Choice

The short-run supply curve for a competitive industry is upward-sloping because:

• A)firms must pay more for inputs as more are hired./firms must incur higher costs the more inputs they hire.
• B)the efficiency of the variable inputs decreases as more such inputs are employed in production.
• C)new firms enter the industry as product prices increase.
• D)of the law of diminishing marginal utility.

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Definitions:

Kidney Stones

Hard deposits made of minerals and salts that form inside the kidneys, often causing pain when passing through the urinary tract.

Quantitative Analysis

In microbiology, a determination of the number of bacteria present in a specimen by direct count of colonies grown on a culture plate.

24-Hour Specimen

A collection of all urine produced by an individual in a 24-hour period, used for various diagnostic tests to identify abnormalities or monitor kidney function.

Chloride

A negatively charged ion (Cl-) that is most commonly found in table salt and is essential for maintaining fluid balance and blood pressure in the body.